I see Cosford&#39;s stoking sdomae&#39;s fire - makes me laugh - &quot;what&#39;s Management being doing the past year&quot;.<br /> <br /> The AGM presentation is on the AAA website, was presented to those in attendance &amp; is very real.<br /> <br /> AAA has made great strides but it appears they can&#39;t please everybody.<br /> <br /> Many of the whiners &amp; criers on this board probably have NOT worked on projects where much of the happenings is uncontrollable, particularly dealing with governments &amp; beaurocrats. I have to say that the AAA team plays the policial game shrewdly, albeit certain tasks &amp; milestones cannot be controlled by AAA. &nbsp;It is what it is. Watching FA present the Allana update to us truly interested holders tells me he has a firm grip on the direction of this project. He is definitely confident in his team & the direction of the project.

Now, my take on the meeting today:
+ new focus on Africa agriculture. Previously, the Asian market was the focus; with economic & agricultural growth within the east & west African nations, more attention will be directed there.
+ it was mentioned previously (& the presntation) that Ethiopia will take 4% royalty on production, with the plan for taxation be reduced from 35% to 25%. Allana is currently striving to get tax holidays & a special investment licence.
+ funding plan has been accelerated; key players to meet with AAA Mgmt next week.
+ advanced stage talks currently with large fertilizer companies;
+ Ethiopia's excellent agricultural growth plans to key on 4 blending NPK facilities, expected to produce 200mm tons of potash, of which AAA could see 10% of this production;
+ the mining licence granted by the Ethiopian govt is a key factor in govt support;
+ Currently cash on hand is $10mm, with current burn rate of $1mm/month, with plans to get it down to $4-500k/month. This should be good for 2 years (that's the plan);
+ AIM listing was originally intended to provide an entry for European/Asian market to Allana trading. As we now know, it has been delayed until after strategic financing has been completed (sometime Q1 2014);
+ Ms Walters resignation as Director was a result of LMM Management re-focus. She may return in due course. LMM still has the option to fill a replacement for her on Allana board;
+ Allana has good relations with Yara. Yara needs help with water & port facility. They talk monthly;
+ the BPC breakup hurt the potash market initialy but, the good side was beneficial to Allana because it gave the larger players an incentive to look at Allana & its Capex/Opex. As we know, AAA's cost basis if crucial for competition. Allana is strong in this regard. Originally, our FS showed a IRR @ 33% with potash @ $430. With the price @ $300, our IRR is very good @ 20%;
+ the Djibouti port is to be fully funded (Saudi Arabia & Kuwait), with completion expected EOY2015

BTW - I have to include ' E&OE' as I'm not a stenographer so there may be some inaccuracies. My apologies if there are.

Skipper